Oman Insurance Company (OIC) saw its GWP grow by 11.6% y-o-y to AED3.56 billion (US$969.3 million) in 2016, while net profit remains flat at AED80.82 million. Non-life and life premiums increased by 11.3% y-o-y and 11.9% y-o-y to AED1.77 billion and AED1.79 billion, respectively.
Disciplined underwriting increased technical underwriting profits to AED105.9 million in 2016, up by a whopping 249.5% y-o-y thanks to improved performance of the medical book, growth in selected motor classes and optimisation of the commercial portfolio.
Additionally, OIC said it continues to maintain a strong financial risk profile, with favourable capital adequacy that continues to support the company’s ongoing business initiatives.
“The growth achieved in the past year endorses various business initiatives that were rolled out. These programmes worked towards digital transformations in service delivery, stronger implementation of data-based actuarial and underwriting practices and refined corporate governance,” said Mr Christos Adamantiadis, CEO of OIC.
Online channel for medical plan
As part of its digital initiatives, OIC launched in early February an online portal through its website, allowing its customers to buy Dubai Health Authority (DHA)-approved medical plans from the convenience of their laptops and smartphones.
“Our call centre and branches witnessed a flurry of activity as residents rushed in to get medical covers in place at the end of the 2016,” said Dr Yasser Khalifa, Executive Vice President – Medical, OIC.
“Oman Insurance has now invested in user-friendly online sales technology to allow both employers who want to provide medical coverage for their maids, nannies or drivers, and sponsors who need it for their dependents, to achieve compliance with regulations quickly and efficiently.”
Mr Adamantiadis said: “We have taken several steps recently to empower our customers and partners via digital platforms. This includes an online claims reimbursement facility through our OICare web portal and the ePAR system to smoothen our pre-authorisation requests for specific medical procedures.”
OIC is one of the nine participating insurers to provide these cost-effective Essential Benefits Plan for the segment of the population earning AED4,000 or less per month.
AED1 = US$0.27